Ideanomics last year floated plans for a $283 million transformation of the campus into “Fintech Village,” creating 330 jobs at the town’s largest development since completion of the Blue Back Square mixed-use project in 2008.
A New York financial services firm’s blueprint to transform the 58-acre former University of Connecticut campus in West Hartford is set to be revealed on Friday, after resolving a financial dispute over the costs of environmental cleanup.
Ideanomics last year floated plans for a $283 million transformation of the campus into “Fintech Village,” creating 330 jobs at the town’s largest development since completion of the Blue Back Square mixed-use project in 2008.
“The community is anxious to see what the plans are,” said Mark McGovern, West Hartford’s director of community development. “There’s a high level of anticipation in terms of what their vision is for the property.”
Ideanomics began canvassing the surrounding neighborhood this week giving residents a preview of the plans, which are expected to include offices, R&D and multifamily housing, McGovern said. Ideanomics said it will unveil the proposal Friday on its unveil the proposal Friday on its website before submitting formal aplications to the town.
Ideanomics and its public relations firm, Hartford-based Sullivan & LeShane, did not return a series of messages seeking comment. But a two-page mailing sent to residents last week by Ideanomics CEO Alf Poor said the designs by Newman Architects of New Haven are designed to make the development “fit organically into the natural beauty and scale” of the campus.
UConn vacated the campus and relocated to downtown Hartford in 2017, and West Hartford was given the first option to acquire the property under state law. After preliminary environmental investigations raised red flags about cleanup costs, West Hartford declined to move forward with the transaction, McGovern said.
Ideanomics paid $5.2 million for the property in 2018 and began further site assessment. The property contains a library, three academic buildings and a facilities building along with 1,050 parking spaces.
In February, Poor told the Hartford Courant that tests found PCB contamination in the soils, and in June indicated that the project was in jeopardy because of “irreconcilable differences” with state officials. But the plans were revived in late June after Gov. Ned Lamont and UConn trustees agreed to let Ideanomics use $3 million it had posted as collateral to pay for the clean-up, the Courant reported.
Because the property is zoned for single-family housing, any redevelopment plans would require creation of a new mixed-use zoning district, and approval to rezone the Asylum Street property in the new district, McGovern said. The town council is the decision-making body.
Ideanomics has failed to turn a profit in its last four fiscal years and reported a net loss of $27 million for fiscal 2018 on revenues on $378 million. In a February management shakeup, three executives left the company and Bruno Wu returned to his previous position as chairman while Poor was promoted from chief operating officer to CEO.
On Tuesday, law firm Bronstein, Gewirtz & Grossman LLC asked investors in Ideanomics stock to assist an investigation into whether Ideanomics and certain executives or directors violated federal securities laws. The firm cited a Nov. 14 Ideanomics press release that it was phasing out its oil trading and consumer electronics businesses and was not expected to meet its earnings guidance of $35 million for fiscal 2018.
